Unity Bancorp, Inc. (NASDAQ:UNTY) Receives Average Recommendation of “Buy” from Analysts

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Shares of Unity Bancorp, Inc. (NASDAQ:UNTY) have been assigned an average broker rating score of 1.50 (Buy) from the two analysts that provide coverage for the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a buy rating and one has issued a strong buy rating on the company. Unity Bancorp’s rating score has improved by 25% in the last three months as a result of various analysts’ upgrades and downgrades.

Analysts have set a 1-year consensus price objective of $24.00 for the company, according to Zacks. Zacks has also given Unity Bancorp an industry rank of 185 out of 256 based on the ratings given to its competitors.

UNTY has been the topic of a number of research reports. ValuEngine lowered Unity Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, March 21st. Boenning Scattergood initiated coverage on Unity Bancorp in a report on Tuesday. They issued a “buy” rating and a $24.00 price objective on the stock.

Shares of Unity Bancorp stock traded up $0.27 on Friday, reaching $20.42. 347 shares of the company were exchanged, compared to its average volume of 11,463. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 1.43. The stock has a market cap of $221.31 million, a P/E ratio of 9.79 and a beta of 0.61. Unity Bancorp has a one year low of $16.74 and a one year high of $25.50.

Unity Bancorp (NASDAQ:UNTY) last issued its quarterly earnings data on Thursday, April 18th. The financial services provider reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.03. Unity Bancorp had a return on equity of 16.51% and a net margin of 28.43%. The firm had revenue of $16.24 million for the quarter.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.57%. This is a positive change from Unity Bancorp’s previous quarterly dividend of $0.07. The ex-dividend date is Thursday, June 13th.

In other Unity Bancorp news, CFO Alan J. Bedner sold 6,000 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $20.05, for a total value of $120,300.00. Following the transaction, the chief financial officer now directly owns 18,939 shares of the company’s stock, valued at approximately $379,726.95. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO John J. Kauchak sold 2,300 shares of the company’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $21.40, for a total value of $49,220.00. Following the completion of the transaction, the chief operating officer now directly owns 55,090 shares in the company, valued at $1,178,926. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,500 shares of company stock worth $384,270. Insiders own 29.66% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BNP Paribas Arbitrage SA grew its holdings in shares of Unity Bancorp by 654.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 1,637 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 1,420 shares in the last quarter. PNC Financial Services Group Inc. acquired a new stake in shares of Unity Bancorp during the 1st quarter worth $41,000. Ramsey Quantitative Systems grew its holdings in shares of Unity Bancorp by 59.1% during the 4th quarter. Ramsey Quantitative Systems now owns 5,381 shares of the financial services provider’s stock worth $112,000 after purchasing an additional 1,999 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Unity Bancorp by 94.1% during the 4th quarter. Bank of America Corp DE now owns 5,954 shares of the financial services provider’s stock worth $124,000 after purchasing an additional 2,886 shares in the last quarter. Finally, Acadian Asset Management LLC grew its holdings in shares of Unity Bancorp by 28.4% during the 4th quarter. Acadian Asset Management LLC now owns 10,598 shares of the financial services provider’s stock worth $220,000 after purchasing an additional 2,345 shares in the last quarter. 48.74% of the stock is currently owned by hedge funds and other institutional investors.

Unity Bancorp Company Profile

Unity Bancorp, Inc operates as the holding company for Unity Bank that provides a range of banking products and services to individuals, small and medium sized businesses, and professional communities. The company offers personal and business checking accounts, time deposits, money market accounts, and regular savings accounts.

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